Do you dread seeing a lender say no because of your thin credit history? Many lenders now approve personal loans for people with fair credit, low scores and short credit histories.
You will find seven capital loans that actually say yes, complete with APRs, terms and tips plus tools like a free credit report site and a credit score tracker to guide your next steps.
Find your best option.
Key Takeaways
- Seven lenders—Avant, OneMain Financial, Upstart, LendingPoint, Oportun, Upgrade, and Prosper—approve loans for people with thin or fair credit. Their APRs range from 7.8% to 35.99% and loan amounts span $300 to $50,000.
- Most loans offer terms from 12 to 84 months and carry origination fees between 0% and 12%. None of the seven charge extra for early payoff.
- Upstart’s AI model accepts credit scores as low as 300 or no score at all, while Oportun uses bank and utility data to approve $300–$10,000 loans, often same day.
- Prosper links borrowers to private investors for $2,000–$50,000 loans at 8.99%–35.99% APR, and it may cut rates for repeat customers.
- To improve approval odds, pull your free credit report at AnnualCreditReport.com, plan a budget-friendly payment, collect proof of income and ID, and consider a co-signer or becoming an authorized user on someone else’s card.
Avant Personal Loans
Avant gives you a small loan with fair rates, even if your credit stays low. Its app scans your checking account record and recent bill pay, then sends funds fast.
Best for borrowers with bad credit
Borrowers with low FICO scores can get an unsecured loan from Avant. They set APRs from 9.95 to 35.99 percent. Loan amounts start at $2,000 and go up to $35,000. Terms span 24 to 60 months.
Fees include an origination charge up to 9.99 percent and a $25 late fee after a ten-day grace period. They never penalize early payoff and do not allow co-signers.
This option suits people with poor to fair credit. Approval takes minutes once you submit a loan application and pass a simple credit check. Use the online loan calculator tool to preview interest rates and monthly funds.
The process feels friendly, and you avoid predatory payday loans.
OneMain Financial Personal Loans
OneMain Financial pulls credit data from reporting agencies, shows clear repayment plans on its online calculator, and lets you track scores with soft credit monitoring—read on to learn more.
Flexible terms and personalized support
Flexible spans let you spread payments over 24 to 60 months. You can borrow from fifteen hundred to twenty thousand dollars. APRs range from eighteen point zero zero to thirty five point ninety nine percent.
State rules set origination fees between twenty-five dollars and five hundred dollars or one to ten percent. You dodge any early payoff penalty. Late fees cap at thirty dollars or fifteen percent.
Loan specialists cut to the chase on your loan terms and repayment plans. They look at your credit report and credit scores closely. Even poor or fair credit won’t block your path.
SpeedFunds pushes quick funding to your debit card. You talk to a real person at each step.
Upstart Personal Loans
Upstart uses an AI underwriting model and credit bureau data to vet borrowers with thin files. The website shows each loan step and clear APRs at a glance.
Ideal for those with little to no credit history
Borrowers with little or no credit history can apply for an unsecured loan that ranges from $1,000 to $50,000. The lender sets interest rates from 7.8 to 35.99 percent APR. You pick 36 or 60 month loan terms.
It accepts credit scores as low as 300 or no score at all. It charges origination fees from zero to 12 percent. It reports payments to major credit bureaus and offers free credit monitoring.
Most applicants get 99 percent of funds by the next business day if they finish the loan application before 5 p.m. CT. It sets a late fee at the greater of 5 percent of the due amount or $15.
You face no penalty for repaying early. This option lets you pay down credit cards or fund a business inventory purchase, and build a solid payment history.
LendingPoint Personal Loans
LendingPoint moves fast on unsecured loans, even if you have little or no credit history. You can run your numbers with its loan calculator, compare APRs, and use a simple repayment chart, so you dodge nasty surprises.
Fast approval process for limited credit borrowers
Borrowers get quick funding once they finish a simple loan application. The online platform checks basic information, like income and debts. They see loan offers from 1,000 to 36,500 dollars with APRs between 7.99 percent and 35.99 percent.
Loan terms run from 24 to 72 months. This process speeds up loan approval and beats payday lenders or title loans.
The lender pulls credit reports from Equifax and TransUnion, but it accepts poor and fair scores. It asks only for at least 40,000 dollars in annual income. It may add an origination fee up to 10 percent, based on state rules.
It never charges early payoff penalties. Late fees do not exist now, though up to 30 dollars might apply later. It helps borrowers build financial responsibility and credit monitoring.
Oportun Loans
Oportun gives small loans with no credit history needed, taps bank history and utility data for fast approval at clear APRs, read on to learn more.
Small loan amounts with no credit history required
Complete the loan application in under 10 minutes. Pick an amount from $300 to $10,000. Choose terms of 12 to 54 months. No credit history or credit report stands as a barrier. You may see same day funding for urgent needs.
The annual percentage rate tops out at 35.99 percent. Expect an administrative fee of up to 10 percent of your principal.
You avoid hidden interest rates or tax like fees. Each loan offer spells out the APR, interest rates, and fees. Quick funding can cover cash advances, bill payments, or small business funding.
You need no credit monitoring to prove your score. This option beats many payday loans and predatory lenders. You gain honest loan approval on your own terms.
Upgrade Personal Loans
Upgrade’s loan calculator shows interest rates and monthly payments in real time, so you can tweak terms before you apply. You can spread a personal loan over up to five years and watch your budget breathe easier.
Longer loan terms for better financial flexibility
Longer loan terms lower monthly bills, they give room to breathe. You can pick from a 24 to 84 month term. Upgrade sets APRs from 7.99% to 35.99%. It adds an origination fee of 1.85% to 9.99%.
No penalty follows if you pay early. Partners may apply together, even with a 560 score. The tool offers credit monitoring for free, it shows you your credit report.
Spreading payments over many months suits small business funding. Firms can pair a loan with invoice factoring or revolving lines of credit for quick funding. This lender charges a late fee up to $10 after a 15 day grace period.
It boosts your financial flexibility, it fosters better budget control.
Prosper Personal Loans
Prosper gives you access to peer-to-peer lending, even if your credit file plays hide-and-seek. Its online platform links borrowers with investors in days, and you can manage monthly payments with built-in credit monitoring tools.
Peer-to-peer lending option for limited credit applicants
Peer-to-peer lending offers a direct link to private investors. Prosper Personal Loans taps that network to fund applicants. It gives amounts from $2,000 to $50,000. You choose terms of 24, 36, 48, or 60 months.
APRs run from 8.99% to 35.99%. The origination fee lies between 1% and 9.99%. You pay no penalty for early payoff. Late payments incur a fee of 5% or $15, after a 15-day grace period.
Applicants need at least a 640 credit score. You finish a loan application in minutes. The site pulls your credit report yet still serves limited credit borrowers. Investors set interest rates based on credit risk.
You can get quick funding for business loans or personal needs. Repeat borrowers may qualify for APR discounts.
Tips for Applying with Limited Credit History
Limited credit history can slow your loan application. Use these steps to boost your approval odds.
- Pull your credit report from AnnualCreditReport.com to scan for errors or fraud, and catch mistakes early.
- Figure out how much cash you need and what monthly payment you can handle, to avoid default and stress on your finances.
- Shop at several lenders to compare APR and interest rates, and evaluate loan terms on secured loans, microloans, or payday loans alternatives.
- Gather all required paperwork for quick funding, such as bank statements, ID, and proof of income to speed up the loan approval process.
- Ask a co-signer with a higher score to join your application, since their credit can unlock lower rates and better loan offers, and both of you share repayment duty.
- Join someone’s credit card account as an authorized user to piggyback off their good payment habits, and raise your score without taking on a new balance.
- Track your credit score with tools like Capital One CreditWise or free monthly checks, so you spot drops fast and stay in control.
- Pick the right loan path, whether it’s a business line of credit via the U.S. Small Business Administration, a peer-to-peer lender like Kiva, or revenue-based financing for small sums.
- Boost your financial literacy with the Truth in Lending Act and Regulation Z, so you know your rights and can spot hidden costs.
Takeaways
Many lenders now say yes to loan apps from people with little history. You can try peer-to-peer loans or check your credit report at AnnualCreditReport.com. These offers list APR, terms and fees in simple tables.
Fast funding can arrive in one day. Smart loan use and CreditWise can boost your score.
FAQs
1. What is the loan application process?
You fill out a form. We ask for your credit report and some business finances. We check your loan eligibility fast. Then we give loan approval. We follow truth in lending act (TILA) rules and the military lending act.
2. How fast is quick funding?
You apply and sign, then bam, you see a lump sum in days not weeks. It can cover paydays or new equipment loans. Some BNPL plans can pay fast.
3. What interest rates and APR should I expect?
Interest rates can range low to high. APR means annual percentage rate. A line of credit might have one rate. A merchant cash advance has a fixed fee. Check loan terms and pricing in your offer.
4. Can I get a secured loan or secured credit cards?
Yes. You can pick a secured loan. You can also pick secured credit cards. Both need collateral. They help you show financial responsibility and build a better credit report. Use credit monitoring to track progress.
5. What is a merchant cash advance vs small business funding?
Merchant cash advances give you cash for future sales. You pay back a slice of each sale. Small business funding can be commercial loans or a business line of credit. They have set pay schedules and set interest rates.
6. How can I boost my odds if I have bad credit?
Check your credit report often. Use credit monitoring tools. Build financial literacy and show steady business finances. You can get bad credit loans with no minimum credit score. You can even get refinanced offers if you repay well. Watch out for payday loans, they can charge high fees.
